During the forecast period, the High-Performance Plastics Market Size is predicted to value at $32.98 billion with a growing CAGR of 9.2%.
High-performance plastics are specially designed with superior characteristics such as chemical resistance, high mechanical strength, and majorly temperature resistance. Stability even in high temperatures is the primary advantage of the High-Performance Plastics Market. High mechanical strength makes high-performance plastic the important component in the global manufacturing sector.
The major types of high-performance plastics are high-performance polyamides, fluoropolymers, polyphenylene sulfide, liquid crystal polymers, sulfone polymers, aromatic ketone polymers, and poly-imide. Due to the higher characteristics of high-performance plastics like lightweight, cost-effectiveness without reducing quality, high thermal and chemical stability, these are preferred for expansive industries such as automotive, aerospace & defense, and construction.
The COVID-19 pandemic has started its drastic effect from March 2020 across the globe. Even though China is suffering from the virus from the year 2019, rapidly the virus spread from one country to another and severely suffered in India in 2020. To curb the spread of the coronavirus, the government has imposed various regulations like full lockdowns and semi lockdowns where the corona cases are low. To maintain the social distance, transportations are banned, business sectors are off, and limited visits to out.
The High-Performance Plastics Market is also negatively impacted by the COVID-19 pandemic. Due to the lockdowns regulations, the manufacturing activities have led to a sudden pause across the globe due to the lack of labor, shortage of raw materials, supply chain disruptions, etc. This situation leads to a reduction in plastics production, which reduces the demand for plastics and their processing. The most critically impacted end-user segments related to the plastics industry are consumer goods, electronics, automotive & transportation, construction, and industrial equipment. The International Organization of Motor Vehicle Manufacturers (OICA) states that in the first nine months of 2020, automobile production was declined by around 23% compared to the same period in 2019.
The growing need for High-Performance Plastics for strong manufacturing materials in various sectors is accelerating the growth of the market. High demand for High-Performance Plastics in automobile and consumer goods industries. Few applications of High-Performance Plastics are the medical devices, electronic & electrical materials, and construction industry. One of the major driving factors is a constant demand from the automotive sector.
Due to the growth in per capita disposable income of urban consumers and the growing importance of smartphones in day-to-day life, the growth of the consumer electronics market has increased which leads to an increase in the High-Performance Plastics Market. High-Performance Plastic is used in the production of smartphones and other consumer electronic products as a tough material resistant to a wider range of stimuli.
Rising the prices of raw materials, the shift of end-user market from developed countries to emerging economies, and the increase in the production cost are the major factors restraining the High-Performance Plastics Market.
The plastics industry should take constant efforts for the improvement of mechanical properties and resistance to temperature and chemicals which is expected to increase the growth of the High-Performance Plastics Market.
Due to the lack of standardized testing methods, the industries face a tough time in quality checking and quality assurance with various using in-house methods for the testing.
The High-Performance Plastics Market has been divided into segments based on Type, End-Use, and Region.
Based on Type
Based on Type, the High-Performance Plastics Market is segregated into various types such as liquid crystal polymers, sulfone polymers, fluoropolymers, polyamides, polyphenylene sulfide, polyetherimide, and others. Among these types, fluoropolymers are expected to dominate the largest plastics market share for the wide application of fluoropolymers in gaskets, seals, coating, films, tubing, and compounding. FEP, PFA, and PTFE are the fluoropolymers that belong to high-performance plastics. These fluoropolymers are having excellent sliding characteristics and very good biocompatibility.
Based on End-Use
By End-Use, the High-Performance Plastics Market is bifurcated into various types as aerospace & defense, automotive, electrical & electronics, industrial, and others. Among them, automotive is predicted to be the fastest-growing segment for the growing high-performance plastics in the automotive industry for production. By the innovation in engineered plastics and composites, they make the vehicles with more benefits like lightweight, reducing fuel consumption, and reduction in carbon emissions, high wear & corrosion resistance, fire and flame resistance. These vehicles include trains and buses too. Apart, high-performance plastics provide superior characteristics to transport solutions like high-performance, safety, strength, competitive pricing, and less environmental impact.
Based on Region
Globally, the High-Performance Plastics Market based on region is segmented into five major geographies such as Asia-Pacific, Europe, North America, South America, and the Middle East & Africa. Among these regions, North America and Europe are expected to dominate the largest High-Performance Plastics Market Share due to the presence of numerous industry leaders and the constant need for technological upgrades.
Geographically, the High-Performance Plastics Market region-wise is analyzed into Asia-Pacific, North America, South America, Europe, and the Middle East & Africa. Out of these regions, North America and Europe are holding the largest market share due to the presence of numerous industry leaders and the constant need for technological upgrades. Automotive and consumer electronics are the major industries that are propelling the High-Performance Plastics Market Growth in these regions. The stringent supportive government regulations along with increasing demand for high-performance plastics from end-use industries are anticipated to widen the scope of the market in these regions.
Moreover, due to the growth in urbanization and industrialization, Asia-Pacific is predicted to grow at a significant and fastest CAGR during the forecast period. The presence of electronics industries in the emerging economies of this region like India, China, Japan, and South Korea is fostering the growth of the High-Performance Plastics Market. Owing to the numerous technological innovations like hybrid and electric vehicles, the automobile industry is growing and flourishing in this region.
The Prominent Key Players in the High-Performance Plastics Market Outlook are the following:
This High-Performance Plastics Market Research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the High-Performance Plastics Market drivers, restraints, challenges, and opportunities. The market forecast segments are type, end-use, and region.
The High-Performance Plastic Market Trends have been segmented globally based on the Type, End-Use, and Region.
Sulfone polymers, liquid crystal polymers, fluoropolymers, polyamides, polyphenylene sulfide, polyetherimide, and others.
Aerospace & defense, automotive, electrical & electronics, industrial, and others.
Asia-Pacific, Europe, North America, South America, and the rest of the world are the five main geographies included in this High-Performance Plastics Market.
|Market Size||2030: USD 32.98 Billion|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Daikin Industries, Ltd. (Japan), Celanese Corporation (U.S.), Solvay S.A. (Belgium), BASF SE (Germany), Arkema S.A. (France), Evonik Industries AG (Germany), Kuraray Co., Ltd. (Japan), E. I. Dupont De Nemours and Company (U.S.), Victrex PLC (U.K.), Saudi Basic Industries Corporation (SABIC) (Saudi Arabia), 3M Company (U.S.), DSM Company (The Netherlands), EMS-CHEMIE AG (Switzerland), Kuraray Europe GmbH (Germany), and Saint-Gobain Performance Plastics Corporation (France)|
|Key Market Opportunities||constant efforts for the improvement of mechanical properties and resistance to temperature and chemicals|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global high performance plastics market is expected to thrive at a CAGR of 7% from 2020 to 2030
The burgeoning plastics industry is the biggest driver of the global high performance plastics market.
Fluoropolymers will be the dominant sub-segment in the global high performance plastics market.
North America will dominate the global high performance plastics market.
APAC is expected to generate revenue at top speed in the global high performance plastics market.